Guaranteed Asset Protection

GAP Insurance

How do I make a GAP insurance claim?

Call the Credit Union at (617) 884-3599

How do I make a GAP insurance claim?

Call the Credit Union at (617) 884-3599

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Guaranteed Asset Protection

Accepting Guaranteed Asset Protection* (GAP) Insurance with your Auto Loan makes it worry free for you if your car is ever totaled or stolen.

Guaranteed Asset Protection (GAP) is valuable coverage offered to car buyers as part of the auto loan process. GAP is a coverage that pays the difference between the actual cash value (ACV) insurance company settlement and the eligible balance of the member's loan in the event the vehicle is stolen or damaged beyond repair. The policy is useful in helping to protect credit, cover losses your primary insurance may not and can be purchases on both new and used vehicles.

Example of How GAP Insurance Works:

Loan of Balance at time of loss:

$12,500

Value of Car at time of loss:

$10,000

Insurance Settlement:

$10,000

Deficiency Balance:

$  2,500

Chelsea Employees FCU GAP Protection Pays:

$  2,500

You Owe:

$  $0

Without GAP coverage, you'd be liable for the $2,500 deficiency balance.

You have a 90 day free look period** for our GAP protection and if you’re not satisfied with the coverage, simply call and cancel!

GAP does not cover the following:

  • Late charges or other fees added after the loan's inception
  • The cost of the GAP waiver

Auto Advantage Program.

With GAP, you will also receive the Auto Advantage Program with these benefits.

Auto Deductible Reimbursement
Pays up to five hundred dollars ($500) per Loss (UNLIMITED
losses per year) when a Loss is filed and paid by the auto
insurance company for a Covered Auto the Member owns
or leases evidenced by the title or registration, AND insures
under an Auto Insurance Policy designating the Member as the
Named Insured.

Personal ID Restoration Consulting
With Personal ID Restoration Consulting, you now have the
peace of mind of knowing that a professional is standing ready
to help restore your good name if identity theft strikes.

Warranty Vault 

Help protect your purchases... The Warranty Vault makes it
quick and convenient! The on-line storage & organizing ser vice
that helps You to take full advantage of Your consumer product
warranties while You are a member of the Auto Advantage
Program.

Get a free quote on GAP Insurance today!
Please email memberservices@www.chelseaefcu.org, call the credit union at: (617) 884-3599, or visit our office.

*Guaranteed Asset Protection (GAP) is not intended to replace your automobile insurance. It does not provide bodily injury, property damage, liability, or collision insurance and does not comply with any financial responsibility or any other law mandating motor vehicle insurance. All new or used motor vehicles with a maximum loan of $100,000 are eligible. Benefit coverage limits up to $50,000 with a loan term up to 84 months. Maximum loan to value paid on claim is 125%. (1)The replacement vehicle must be financed within 60 days of the date your primary insurance company pays the claim on a total loss. (2) Where allowed by state law. The credit union makes loans and extends credit without regard to race, color, religion, national origin, sex, handicap or familial status. Restrictions and conditions may apply.

**90 day free look period is available to those who select Refundable GAP Insurance services.